How can we name a guardian for our children in our wills if something happens to both parents? – North Carolina Short Answer In North Carolina, each parent can use a will to recommend who should serve as guardian for minor children if both parents are gone. The Clerk of Superior Court makes the official…
How do I set up one revocable trust to cover homes I own in different states? – North Carolina Short Answer In North Carolina, one revocable living trust can hold real estate located in multiple states, but each home usually must be transferred into the trust using a deed that complies with the law where…
Should my financial advisor be involved when I’m making changes to my will, or is it handled just with the attorney? – North Carolina Short Answer In North Carolina, the legal changes to a will should be handled with the estate planning attorney, because the will must be drafted and signed with specific legal formalities.…
What happens if the parent becomes unable to care for the child but is still alive—does a will help, or is a different document needed? – North Carolina Short Answer In North Carolina, a will can recommend a guardian if the parent dies, but it usually does not solve the “parent is alive but incapacitated”…
If the first-choice guardian can’t serve, can the will list backup guardian options? – North Carolina Short Answer Yes. In North Carolina, a parent can use a will to recommend a guardian for a minor child, and the will can also list alternate (backup) choices in case the first choice cannot or will not serve.…
How do we make sure the adoption paperwork and the will work together so there’s no confusion about who the child is legally? – North Carolina Short Answer In North Carolina, the cleanest way to prevent confusion is to (1) confirm there is a final adoption decree and (2) draft the will so it clearly…
Do all beneficiaries have to agree before a trust can be terminated? – North Carolina Short Answer No. In North Carolina, beneficiary agreement can be enough to end some trusts, but it is not always required and it is not always sufficient. If a trust is irrevocable and a beneficiary will not consent (or cannot…
What reasons will a court accept for terminating a trust early? – North Carolina Short Answer In North Carolina, a court will consider terminating a trust early when the trust’s purpose can no longer be achieved as written, when continuing the trust would be impracticable or wasteful, or when the trust can be ended without…
How do I petition the court to terminate a trust? – North Carolina Short Answer In North Carolina, terminating a trust by court order usually means filing a civil “special proceeding” asking the court to approve termination under the North Carolina Uniform Trust Code. The petition is typically filed with the Clerk of Superior Court…
If the house is deeded to me while my relative is still alive, what taxes could I be responsible for later if I decide to sell it? – North Carolina Short Answer In North Carolina, the biggest “later” tax issue after receiving a house by deed during a relative’s lifetime is often capital gains tax…
